Why You Need Generation Z to Rent Out Your Property
They’re young, they’re moving out of their parents’ homes, and they could be your next tenants.
We’re talking about Generation Z, the workforce of the future and a generation that’s ready to pay rent.
Over the next three years, it’s estimated that Gen Z (born between 1996 and 2012) will pay a larger share of the UK rent bill than any other age group, as found by property giants Hamptons.
While it’s true that some 20-somethings choose to stay in the comfy nests made by mum and dad for a bit longer than other age groups, more and more are cutting the apron strings and venturing into the rental world. So, what do you need to do to attract the best Gen Z tenants?
1) Get connected
Gen Z don’t know a world without the internet. Wireless technology, smartphones and streaming are the norm. (Most won’t have ever seen a cassette tape. A Walkman? What’s that?)
Fast, reliable broadband is a necessity. In fact, not having broadband already installed in your property would probably be a huge drawback for Gen Z tenants, as much of their life revolves around being connected.
2) Office kit-out
At this age, some might be starting their first jobs, but others already make up the army of employees totally used to working from home. With this in mind, location and proximity to transport links may not be as important as they once were to tenants. In fact, Gen Z has been described as the first generation of digital nomads (able to work from anywhere).
So, now what really matters is home office space. Furnishing a rental property with desks and chairs or a cool breakfast bar (for coffee shop vibes), having enough plug points, wireless internet and so on will help boost a property’s desirability.
3) Communicate
Described as a generation of savvy consumers who value integrity, sustainability and ethical buying, Gen Z tenants are likely to be passionate about things like home improvements, tenant rights and eco-friendly properties. So, to be a good Gen Z landlord, it’s important to keep an open line of communication and be prepared to be challenged if you fall short of your obligations.
4) Use a reputable letting agent
If you want your rental property to reach potential Gen Z tenants, the best way to do so is by working with an experienced letting agent. They’ll have tried and tested marketing strategies to target young professionals looking for rental properties (and access to a marketing budget which you might not). Take advantage of their skills and expertise by hiring a team that can find you the best tenants for your property.
If you need tenants for your rental property, contact Grey&Co to get the search started.